Bunzl Plc · LSE:BNZL
Bunzl — Shareholder Meeting (2026)
12 slides from Bunzl's shareholder meeting presentation, Apr 22, 2026
Slide 1: Bunzl 2026 Annual General Meeting
BUNZL 2026 ANNUAL GENERAL Add subtitle hereMEETING
Slide 2: Driving Bunzl Forward
DRIVING BUNZL FORWARD Against challenging markets, decisive action taken to improve operational performance IMPROVEMENT ACTIONS DELIVERING STRONG PLATFORM FOR GROWTH 2025 was a challenging year While markets remain uncertain, expect some • Issues related to an organisational change in underlying rev
Slide 3: Income Statement
INCOME STATEMENT Moderate revenue growth offset by operating margin decline Adjusted operating profit REPORTED CONSTANT change1,2 £m 2025 2024 GROWTH EXCHANGE1 (4.3)% Revenue Gross margin 11,845.4 28.8% 11,776.4 28.8% 0.6% 3.0% Adjusted operating profit1 910.3 976.1 (6.7)% (4.3)% Operating margin1 O
Slide 4: Cash Flow
CASH FLOW Strong annual cash generation is a fundamental strength of Bunzl Cash conversion1 over the last 10 years Adjusted net debt to EBITDA1 Cash conversion 1 95% 107% 2.3x TARGET 103% 102% 101% 2.0x-2.5x 99% 2.0x 2.0x 97% 96% 95% Continued strong cash 2.0x 94% 93% 1.9x 1.8x conversion TARGET c.9
Slide 5: Dividend Track Record
DIVIDEND TRACK RECORD Dividend cover supports sustainable annual growth 0.3% 74.1 33 years Total 2025 of consecutive dividend per annual dividend share growth1 increases Dividend per share 2025 dividend CAGR c.9% cover 2.4x Sustainable annual growth supported by conservative 4.0 dividend cover 92 93
Slide 6: Confident in Bunzl's Growth Opportunity
CONFIDENT IN BUNZL’S GROWTH OPPORTUNITY Long-term compounding growth strategy COMPOUNDING GROWTH MODEL – Win new customers – Fragmented industry – Sell more to existing – Large end markets customers – Strong track record Organic revenue – Expand product ranges, Acquisitions – Value-accretive support
Slide 7: Appendices
APPENDICES 2025 FULL YEAR RESULTS 7
Slide 8: Appendix 1.1 Alternative performance measures
APPENDIX 1.1 Alternative performance measures This presentation includes various performance measures defined under International Financial Reporting Standards (‘IFRS’) as well as a number of alternative performance measures. The principal alternative performance measures used in this presentation a
Slide 9: Appendix 1.2 Alternative performance measures
APPENDIX 1.2 Alternative performance measures Return on invested capital - The ratio of adjusted operating profit to the average of the month end invested capital (being equity after adding back net debt, lease liabilities, net defined benefit pension scheme assets/liabilities, cumulative amortisati
Slide 10: Appendix 2 Statutory P&L
APPENDIX 2 Statutory P&L £m 2025 2024 Revenue 11,845.4 11,776.4 Adjusted operating profit1 910.3 976.1 Operating margin1 7.7% 8.3% Adjusting items (175.0) (176.8) Operating profit 735.3 799.3 Net finance expense (126.7) (105.4) Disposal of businesses 11.9 (20.3) Profit before income tax 620.5 673.6
Slide 11: Appendix 8 Long-term growth
APPENDIX 8 Long-term growth Proven Revenue (£bn) Adjusted operating profit1 (£m) compounding 910 11.8 growth strategy 169 2.4 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Adjusted EPS1 (p) Dividend per Share (p) 7
Slide 12: Disclaimer
DISCLAIMER This document has been prepared by Bunzl plc (the ‘Company’) solely for use at the presentation of the Company’s results announcement in respect of the year ended 31 December 2025. For the purposes of this disclaimer, ‘Presentation’ shall mean this document, the oral presentation of the s